Best Buy’s College Innovator Fund to Shell Out $100,000 for Tech Ideas

College students, no matter what stage of the technology development process you’re in, Best Buy is offering you a worthwhile opportunity to win startup capital and the chance to be advised by individuals from Best Buy Exclusive Brands.

On Monday, Best Buy announced the launch of its College Innovator Fund, a contest that will award four cash prizes totaling $100,000. The big-box retailer is looking for innovative students who have created the next big product or software idea in the areas of technology, sustainability, education, or other related field. The first-prize winner will take home a $50,000 cash prize, along with the mentorship opportunity; the two runners-up will each receive $20,000, and the “fan favorite” will score a $10,000 prize.

Those who wish to enter the contest should visit Best Buy’s Facebook page and record a two-minute video describing their idea or product. The contest will conclude on August 14. On August 17, a panel of judges will announce the program’s 10 finalists and Facebook users will have the chance to vote for their favorite finalist. Best Buy’s panel of judges include Best Buy Digital President Stephen Gillett, uBeam founder Meredith Perry, Pandora founder and CSO Tim Westergren, and others.

“At Best Buy we understand the impact that technology and entrepreneurialism can have on our society,” said Gillett in a press release. “Students are often at the helm of this forward thinking so what better time to provide a national platform to help them introduce and support these ideas than during the back to campus season. Through Best Buy’s College Innovator Fund we are uncovering the next generation of innovators that will advance and improve the way we connect with the world around us.”